Venture firm CRV raises $750M, downsizing after returning capital to investors
CRV has secured $750 million toward the 55-year-old venture firm’s twentieth flagship fund, it announced on Friday. The new fund is smaller than the $1 billion early-stage fund CRV closed in the fall of 2022. At that time, the firm also announced a $500 million second Select fund, a capital pool for backing late-stage rounds of existing portfolio companies. It’s no surprise that CRV is not raising a late-stage fund as part of its new fundraise. Last year, the firm told The New York Times it was returning $275 million from its $500 million Select fund to investors. The firm explained that it would not be raising another late-stage vehicle because follow-on rounds for many of its companies would lower its overall returns. CRV’s limited partners were eager to back the…
